Innovative markets always explode – eventually. But only if they manage to pass some key milestones. This requires technical and functional implementation, thorough checking of its usefulness and testing for market conditions. However, that is nowhere near enough. Even the best invention in the world is nothing without adoption. And in the case of Bitcoin (BTC) too nothing can be done without users.
Satoshi Nakamoto implemented the bitcoin software as open-source code and released it in January 2009. Today, more than 11 years later, the number of Bitcoin holders has increased at a tremendous rate. As of 2020, The number of bitcoin addresses holding at least $10-worth of cryptocurrency recently rose to a record high of 16.6 million. According to reported data, there are 13,000 crypto addresses around the world which hold more than $1 million and that is a whooping figure. Microsoft which introduced the digitization era to the world has started accepting cryptocurrency payments to buy Xbox games and Windows apps.
So, today, here’s discussing some more different areas that cryptocurrency has broken through into our daily lives.
Current Crypto “Hot Zones”
Europe is by far the continent which has seen the highest crypto adoption rate. As per the report by Cointelegraph, 530 locations across Slovenia and Croatia are now accepting crypto on a daily basis, including hotels, shops and restaurants. The hottest city for Cryptocurrency is now Ljubljana in Slovenia. 314 venues in the city accept crypto transactions. In fact, Ljubljana even has a shopping mall called “BTC City”.
Spend Crypto for Food
We all know of the first ever BTC transaction. On May 22 2010, Laszlo Hanyecz made the first transaction by buying two pizzas in Jacksonville, Florida, for 10,000 BTC. From then, crypto payments in the food sector have come a long way. From December 2019, Burger King Venezuela began accepting several cryptocurrencies as payment, including Bitcoin, Ethereum, Litecoin, Binance Coin, Dash, and Tether. A UK- based website OrderTakeAways has been accepting crypto payments since 2018 for their pizza delivery services. Kentucky Fried Chicken (KFC) has actually launched a bucket which can be paid for exclusively using bitcoin. Colonel Sanders approves!
Travel the world with Crypto
A travel company called Travala has started accepting large scale payments in cryptocurrency. Travel giant Expedia is now back in the crypto game after opting out. But the big thing now is companies in the sector creating their own cryptocurrencies linked to tourism platforms. Touriscoin is an example, an initiative launched by 13 Tickets that sells tourist experiences through its website. Going forward blockchain is believed to be the future of the travel industry.
It’s a revolution, but it’s an evolution, as well. But it’s going to take some time for it to take hold.Norm Rose from Phocuswright
Credit for Crypto
The recent coronavirus pandemic has provided a much-needed thrust in digitizing payments. This could potentially pave the way for crypto payments in the future. Already, Visa, Mastercard and PayPal are gearing up to drive the next wave of bitcoin and crypto development and adoption. Mastercard has already signed a deal with London-based Wirex allowing them to directly issue cards on Mastercard’s network. PayPal too is set to begin offering cryptocurrency purchases to its 325 million users.
The future for bitcoin and cryptocurrency moving forward
Banks will be instrumental in bringing about wider cryptocurrency adoption. Without their involvement, the general public will continue to view crypto as a less-than legitimate part of the world of finance. Admittedly, a vast majority of financial institutions still view bitcoin and other cryptocurrencies with suspicion. That being said, some are slowly starting to embrace crypto and blockchain, which in turn is likely to pressure their rivals to follow.
Most banks still regard crypto companies with suspicion. But JPMorgan, despite Jamie Dimon’s anti-crypto comments of the past few years, has been increasingly crypto-friendly.Mark Jeffrey, Founder of Guardian Circle
To conclude, the companies which earlier reprimanded the use of cryptocurrency are now singing its tune. Like I said, innovative products do find a way to explode. With adoption, users will increase. And with increasing users, so will bitcoin gain popularity. What remains to be seen is whether eventually bitcoin does replace fiat or fizzle itself out.
A few quick references below: